Nigeria’s inflation figure for April jumped to a six-year high of 13.7 per cent from 12.8 per cent which it was in March as rising petrol and electricity prices affected the cost of goods and services.
The National Bureau of Statistics, NBS, stated that the lingering structural constraints continue to manifest spill overs in April as electricity rates, kerosene prices, the impact of higher PMS prices and vehicle spare parts were the largest contributors to the core sub index during the month.
The Bureau said these items as well as other imported items continued to have ripple effects across many divisions that contribute to the Core.
The index leaped by 13.4 per cent in April, roughly 1.2 per cent points from rates recorded in March.
“Increases in imported as well as domestically produced foods resulted in a higher increase in the Food Subindex in April. The index increased by 13.2 per cent (Year-on-year) during the month, 0.4% points higher from rates recorded in March” the NBS said in its Consumer Price Index Report.
Nigeria is facing its worst crisis in decades, driven by a sharp drop in crude prices that has slashed government revenues and weakened the naira currency. Gross domestic product growth was just 2.8 per cent last year, its lowest rate in decades.
Food prices, which account for the bulk of the inflation basket, rose 13.2 per cent in April, up 0.4 percentage points from March, the bureau said its report.
